The cryptocurrency market shows signs of a recovery today, with the price of Bitcoin rising again, this time by 1.25% to come closer to the $6,500 level. However, not every major cryptocurrency is a winner today – especially not Ethereum (ETH).
The second largest cryptocurrency by market cap, Ethereum, has been struggling to reach the $300 level which, according to analysts, is crucial for its short-term performance. Today, ETH dropped by more than 2% and is now stable at a price of $290.
Right now, it seems like Ethereum cannot re-attempt the yesterday’s move towards the $310 price – and is right now recording an 8% weekly loss and 37% monthly loss accordingly. Since crashing the $300 level on August 13th, Ethereum continues to trade at a price point which is quite unusual and which we haven’t seen since November 2017.
Meanwhile, Bitcoin is pushing the $6,500 level and seems to be only one of the very few cryptocurrencies that are rising today, along with Stellar (XLM), both recording sub-1% gains. Monero (XMR) surged by 4% and is now trading at $99.55, and Tezos (XTZ) has risen by 10%, now trading at $1.53 as the biggest winner this Monday.
No one knows what this week will bring to the crypto market. It is safe to say that Bitcoin has stabilized at $6,500 and Ethereum must follow BTC’s path and stabilize around $300 before new short-term rallies.
The market currently remains volatile and analysts believe this could continue – mostly because of the news of another Bitcoin ETF being expected to get approved by February 2019.
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
Brian Kelly Sees The Bitcoin Price Decline As ‘A Short-Term Event’
“After some real quiet period, lowest volatility, almost in Bitcoin history, all of a sudden today things exploded, so what happened? Bitcoin Cash, which forked off of Bitcoin last year, is doing a hard fork. Now, when you do a hard fork, everybody usually agrees. But in this particular case, everybody is not agreeing. So we’ve got ourselves a crypto civil war, and that has people in the market concerned,” Kelly said.Aside from this, if the hash rate war between CoinGeek and Bitcoin Cash continues, then it will likely have a negative impact on both Bitcoin and Bitcoin Cash. As the most dominant cryptocurrency in the market, any negative sentiment around Bitcoin will pose an effect on the rest of the market.
“People are concerned that both Bitcoin and Bitcoin Cash markets, their networks might slow down, they might not work as well, the software upgrade may not go through or if it does go through, we will end up with some chaos. People started selling, that triggered stops, everybody got concerned. The entire market settled down. In my view, a very short-term event,” concluded Kelly while summing up his view on the current downtrend.Many analysts are now asking if the hash power between CoinGeek and BCH caused the drop. If that is the case, however, we could see the crypto market recovering in the weeks to come.
Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage
“This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low
Join us on Facebook
- Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
- A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling
- SEC Shuts Down Two Crypto Startups For Illegal ICOs
- Q3 Report: Chinese Blockchain Company Xunlei Reaches $45.3 Million In Revenue
- Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
wed05dec9:30 am5:30 pmDigital Asset Investment ForumExploring the Emerging Asset Class.9:30 am - 5:30 pm The St. Regis Washington, D.C, 923 16th and K Streets, N.W., Washington, District Of Columbia 20006 USA
Altcoin News5 days ago
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
Blockchain Archive2 days ago
ICO Promotion Services | Advertise your ICO | Promo for ICO
Blockchain News3 days ago
Bank Of America Secures A Patent For Crypto Aggregation Systems
Altcoin News5 days ago
CFTC With A Fine Of $1.1 Million To Crypto Fraudster
Blockchain News4 days ago
Iran Gets Removed From SWIFT, Considers Switching To Crypto As Planned
Blockchain Archive4 days ago
Blockchain Conferences Marketing | Advertise Cryptocurrency Events
Blockchain News5 days ago
The City Of Graz Opens A Cancer Research Laboratory That Will Use Smart Contracts On The Blockchain
Analysis4 days ago
Bitcoin Falls To $6,300, Recording Two Sell Candles On Its Daily Chart